Chilliwack, BC – On Monday July 20 lump sum Universal Child Care Benefit payments will land in almost 4 million mailboxes or bank accounts across the country helping families and boosting local economies.
“We are committed to helping make life more affordable for all Canadians. Increasing and expanding the Universal Child Care Benefit is one more measure to help families and boost the economy,” said Chilliwack-Fraser Canyon MP, Mark Strahl.
A family with two kids will receive as much as $1,000 in a single day under the Conservative Government’s Universal Child Care Benefit (UCCB). Parents may spend this money on child care services, back-to-school supplies, sports activities and much more, boosting the economy and creating jobs across Canada.
Under the boosted UCCB, families will receive almost $2,000 per year for each child under 6 and $720 per year for each child aged 6 through 17. The new benefit amounts will be retroactive to January 1, 2015, and be reflected in monthly payments. That means families will receive payments of about $520 for each child under 6 and $420 for each child 6 through 17 on July 20. The boosted UCCB will benefit almost 4 million families—double the number of families that previously benefited from the program.
For the economy, according to the Governor of the Bank of Canada, Stephen Poloz, the payments would result in “a noticeable bump in consumption”.
The UCCB payments are on top of the nearly $2 billion Family Tax Cut that went to families in the form of tax refunds this spring. The Family Tax Cut allows couples with children under 18 to split their income and reduce their tax burden by as much as $2,000. In addition, payments will continue under the Child Tax Benefit, which remains unchanged.
Since 2006 the Conservative Government has reduced taxes 180 times including reducing the GST from 7 to 5 per cent. Seniors have benefited from $2.8 billion in annual targeted tax relief through such measures as increases in the Age Credit amount and pension income splitting.
If a family is not currently receiving the UCCB, has never received the UCCB, or has never applied for the Canada Child Tax Benefit and still has children under 18 in their care, they should go to www.canada.ca/taxsavings to find out how they can apply.